Seebo Announces $24M Funding Round As More Leading Manufacturers Adopt Its AI Solution To Predict & Prevent Production Losses
TEL AVIV, Israel, March 4, 2021 /PRNewswire/ -- Today Seebo, the Predictive Quality and Yield Solution, announced its extended Series B financing round, for a total of $24M. The funding will be used to further expand its global reach and continue enhancing its Process-Based Artificial Intelligence solution. The round is led by Vertex Ventures with participation from 10D, The Phoenix and Leumi Partners.
Large and mid-sized manufacturers suffer tens to hundreds of millions of dollars in quality, yield, energy, emissions and waste losses each year on average. Seebo's Process-Based Artificial Intelligence solution enables manufacturers to identify process-driven inefficiencies in their production processes in order to predict and prevent production losses. Seebo succeeded in infusing Artificial Intelligence algorithms with deep process manufacturing expertise - giving its solution the unique ability to understand each individual production process. This saves its customers significant funds each year, by revealing the hidden causes of their production losses. Seebos' customers include leading manufacturers such as Nestle, PepsiCo, General Mills, Barilla, Mondelez, Allnex, ICL and many more.
This latest round comes during a period of exponential growth (400% YoY) for Seebo, as many manufacturers face an increasingly challenging and competitive marketplace in the year of COVID-19. Among those challenges is the more urgent need to increase efficiency, specifically by lowering production losses; and in some cases to meet unprecedented spikes in demand due to changing consumer behavior. The Seebo solution has provided these manufacturers with the ability to achieve these goals in a highly scalable way - without costly investments in new production lines and facilities.
"The increasingly complex business environment has pushed process manufacturers to explore new ways to eliminate lingering inefficiencies in their production processes," says Lior Akavia, CEO and Co-Founder of Seebo. "These inefficiencies are responsible for significant production losses each year, but in many cases manufacturers didn't have the tools to find the root causes, as these were hidden deep within the complex manufacturing processes and data. That's why we've seen such an increase in demand for Seebo's Process-Based Artificial Intelligence: this is precisely the problem we solve. Seebo grew during 2020 with many new customers," Akavia continued. "But even more significant is our growth with our existing customers, who, by using Seebo, identified clear reductions in inefficiencies and gained significant financial benefits. These customers have implemented us in more production lines as a result, and this demonstrative success is a source of great pride for Seebo."
"We are happy to announce that we have tripled our investment 9 months after our initial investment in Seebo, while observing up close how Seebo is saving process manufactures millions of dollars - and how they in return are happy to expand the solution to additional lines," says Yanai Oron, General Partner at Vertex Ventures. "Seebo is the only vendor providing a productized solution that is based on Artificial Intelligence across the full product line"
About Seebo:
Seebo is the Predictive Quality and Yield solution, recently selected as Technology Pioneers by the World Economic Forum. Manufacturers use Seebo to predict and prevent quality, yield and waste losses. Seebo Process-Based Artificial Intelligence is designed to solve complicated process inefficiencies - revealing the hidden causes and recommending the right actions. By providing production teams with ready-to-use Artificial Intelligence, continuous process mastership becomes a reality. With Seebo production teams know why process inefficiencies happen, using Automated Root Cause Analysis; how to prevent process inefficiencies, using Predictive Recommendations; and when to act, using Proactive Alerts.
Seebo customers include leading manufacturers across multiple industries, like Barilla, Nestle, Mondelez, PepsiCo, General Mills, Allnex and ICL.
Seebo is backed by Vertex Ventures, 10D, The Phoenix, Leumi Partners, Viola Ventures and TPY Capital.
For more information, please visit www.seebo.com
Contact details:
Mira Marcus
[email protected]
SOURCE Seebo
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